Online Broadband Guide
Online Broadband Guide


SoundCloud Gains Funding, Loses CEO

SoundCloud Gains Funding, Loses CEO

Embattled cloud audio distribution service Soundcloud Ltd. has gotten a reprieve from bankruptcy by managing to raise $169.5 million from Raine Group and Singapore's sovereign wealth fund Temasek.

According to Ljung, SoundCloud just wrapped up its largest financing round, receiving $170m (£135m) from The Raine Group and Temasek.

Co-founder Alexander Ljung is handing over the reins as chief executive to Kerry Trainor, the former chief executive of online video service Vimeo, the company announced. The company outlined the investments in a blog post, while it also announced that former Vimeo executive Kerry Trainor will be taking over as CEO... The firm will also add Mike Weissman to the team who will become the firm's COO.

Reminiscing about the past ten years and the journey that he has undertaken alongside co-founder Eric Wahlforss, Ljung proudly declared that they "are just getting started".

The statement explains: "The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators". With no white knight yet found, in June Soundcloud laid off about 40 percent of its employees and closed its San Francisco and London offices in an attempt to stop the money burn in what looked like a last throw of the dice to keep the company afloat.

"We see an incredible opportunity for growth in this business", said Fred Davis, a partner at Raine who is joining SoundCloud's board of directors. Although Ljung has been the CEO and chairman of the company for almost a decade, the founder will now simply just oversee the company as a chairman. New COO Weissman worked closely with Trainor at Vimeo.

Concerned users had been backing up their Soundcloud uploads, anxious the site would go offline.

Recently you heard me say SoundCloud isn't going away.

follow

editors' picks

August 16, 2017
China, India in Another Border Skirmish 1000 Miles From Standoff
Chinese state media have warned India of a fate worse than its crushing defeat in a brief border war in 1962. Residents of the Nathu La area also got candies from the Army as part of the Independence Day celebrations.

August 16, 2017
Bill Gates makes $6.28 billion pledge, his largest since 2000
The second largest was made by Mr. (Warren) Buffett, who donated nearly $3.2bn to the Bill & Melinda Gates Foundation last month. Before giving a large gift of 31 million shares in November of 2014, he was selling roughly 100 million shares per year.

August 16, 2017
Vancouver potential host city at Federation Internationale de Football Association 2026 World Cup
The committee plans to formally submit its bid to Federation Internationale de Football Association in March 2018. FedEx Field, the Washington Redskins' suburban home , is listed as the proposed D.C. area stadium .

August 15, 2017
Kenya police fire teargas to contain opposition protests after Uhuru win
While the IEBC had 7 days to announce the official results , they declared Kenyatta the victor of the election on August 11. Raila Odinga has come up short again in what was his fourth and probably last attempt to become the president of Kenya .

August 14, 2017
Gorakhpur Hospital Deaths: It's Not Tragedy But Massacre, Says Satyarthi
What is shocking to know is that the oxygen supply department in the hospital had already warned about shortage. Raids have been conducted at the Lucknow-based firm which stopped supply of oxygen to the hospital .

August 14, 2017
McMaster dodges question about whether he can work with Bannon
During his brief time at the White House, Mr Scaramucci promised to take a hard line against leakers. He added that it's not serving the President's interests to still have that wing around.

August 12, 2017
Toshiba Wins Auditor Sign-Off, Likely Avoiding Delisting for Now
The company reported sales of 4.8 trillion yen ($43.66 billion), down 5.5% from the previous year and unchanged from the outlook. The auditor's sign-off reduces the immediate threat of Toshiba being delisted from the Tokyo Stock Exchange.

August 09, 2017
Woman defends Dolphins' Landry in battery case
The receivers of Miami Dolphins Jarvis Landry is now the subject of an investigation and could possibly face charges of assault. She filed a paternity suit against Landry in April in Broward County court. "Beyond that, we have nothing to add".

August 09, 2017
Amy Schumer to Make Broadway Debut
The director is Jerry Zaks, who was nominated for a Tony award earlier this year for Hello, Dolly! starring Bette Midler. Because I had a psychological interpretation of who everybody was, and that gave me something to write from".

August 05, 2017
OPEN FOR BUSINESS: DOJ Coming For Leakers, Sessions Says
Dan Coats , the director of national intelligence, promised that he would help with the crackdown. Asked if lie detectors might be used, she answered, "Well, they may, they may not".